Prime US REIT has recently sold One Town Center, a 200,858-square-foot office building in Boca Raton, Florida for $82 million. This sale resulted in a significant loss for the company as they had purchased the property for $99.5 million just two years ago.
The buyer of One Town Center Road was Gatsby Enterprises and Wells Fargo Bank provided them with a mortgage of $51 million. The office building also includes a 435-space parking garage and is currently 99.7% leased.
In December 2023, the property was valued at $84.8 million with an impressive cap rate of 7%. This is compared to its value of $90.3 million and cap rate of only 6.25% just one year prior.
Built on nearly ten acres in1990, this ten-story office building features amenities such as a fitness center, on-site café, EV charging stations and even an on-site auto detail service for tenants’ convenience.Its prime location near popular attractions like the Town Center at Boca Raton mall and numerous restaurants make it an attractive choice for businesses looking to establish their presence in this area.
This recent sale highlights how even well-leased properties can experience fluctuations in value over time due to market conditions.This news was originally reported by Connect CRE .
